The wreckage of the Bering Air caravan that went missing Thursday has been located, with all 10 on board believed to be dead, authorities in Alaska said.

The aircraft was located Friday sitting on sea ice approximately 34 miles southeast of Nome, Alaska, the U.S. Coast Guard said, releasing a photo of the crashed aircraft.

Three people were found dead inside, the Coast Guard said. The remaining seven people are also believed to be inside “but are currently inaccessible due to the condition of the plane,” the Coast Guard said.

“Our heartfelt condolences are with those affected by this tragic incident,” the Coast Guard said.

The Alaska State Troopers will handle the recovery of the bodies, USCG Lt. Commander Mike Salerno told ABC News. All 10 on board on believed to be dead, he said.

The wreckage was found by a search and rescue crew on a USCG MH-60 Jayhawk helicopter and then two rescue swimmers were lowered down to survey the plane.

Crews in Nome had been conducting search-and-rescue operations after the aircraft went missing.

Bering Air Flight 445, a Cessna 208B, disappeared while flying from Unalakleet Airport to Nome Airport around 3:20 p.m. local time Thursday, the Federal Aviation Administration said.

“The aircraft was 12 miles offshore transiting from Unalakleet to Nome when its position was lost,” the U.S. Coast Guard Alaska maritime region said.

Earlier Friday, an “item of interest” was identified by an aircraft participating in the search efforts though details were not immediately available at the time, Coast Guard Officer Ben McIntyre-Coble said during a press briefing.

The plane was reported overdue at 4:30 p.m. Thursday, authorities said.

Radar analysis shows that at approximately 3:18 p.m., the aircraft “experienced some kind of event which caused them to experience a rapid loss in elevation and a rapid loss and speed,” McIntyre-Coble said.

“What that event is, I can’t speculate to,” he added.

There were nine passengers, all adults, and a pilot on board the commuter plane, authorities said.

Multiple agencies have been involved in the search-and-rescue effort, including the Alaska Army National Guard, Alaska State Troopers and Nome Volunteer Fire Department.

Some of the aerial search effort was impacted overnight by severe weather in the region, authorities said.

The National Transportation Safety Board said it’s investigating. NTSB chair Jennifer Homendy will travel to Alaska this weekend.

ABC News’ Marilyn Heck, Ayesha Ali and Alex Stone contributed to this report.